The ailing fortunes of the once-buoyant European golf industry have prompted specialist management company International Golf & Resort Management (IGRM), based in London, to expand its Performance Improvement and Business Turnaround division. Responding to regular announcements of redundancies, receiverships and distressed sales for properties throughout the Continent, the company has set out to assist clubs that are struggling to survive.
The recent appointment of David Mortimer as Finance Director has bolstered IGRM’s Performance Improvement and Business Turnaround team, which is headed by CEO Michael Longshaw and staffed with consultants experienced in reorganization, rehabilitation and the restructuring of businesses.
“Golf clubs have been affected by the economic downturn largely because the growth in supply has not been matched by growth in demand for the game,” Longshaw commented. “This has been exacerbated by the fact that golf revenue is predicated upon disposable income, the lack of which is now affecting many golfers. Further, the new breed of luxury clubs has turned golf into an expensive pastime, and golf and residential tourism has also been adversely affected. The reality is that many clubs face a perilous future.”
“We can help to find solutions to the many challenges that cash-strapped golf clubs are now facing,” Mortimer added. “We begin by evaluating purchasing, payments and payroll to control and reduce costs.Then, having determined the club’s immediate needs, we develop an action plan enabling us to manage the vital aspects of the business in order to maximize profitability and ensure its survival.”
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